OMG, So Many Earnings
When you review the Briefing document and Trade Grid below, you will see that I covered a massive amount of earnings.
Some made for great chasing; others I will be tracking for swings; and a few delivered exceptional results for long-held trend longs.
See CAH spiking 17%, helping to bid up MCK & COR - all three in my Trend Portfolio: MCK & COR since 2020 and CAH since OCT 2022.
For tonight, given AAPL & AMZN reported, here’s what you had in advance: )
AAPL - $285 is monthly resistance and 12.75 Fib level for taget higher. Well… Apple just hit 284.99 afterhours. That is called CLOSE ENOUGH. If you are long using calls, and you are worred about weakness before the open Friday, a tactic that I like is to SELL SHORT the stock here to lock in those gains.
AMZN - In my Live Trading Room this morning I expected they would crush it & be in ATH territory. My AI transcript notes lack the same enthusiasm, but Amazon did spike 14% afterhours! I still have 264.78 as upside price target.:
“Amazon, seen as the “slowest performer” in the AI arms race, is considered a potential surprise that could “outperform” and reach all-time highs if it demonstrates innovation and scale.”
Also this morning we had great chases post Wed night MAG reports:
MSFT - opened at 530 and I was convinced it would fade to at least 525.35 wkly gap fill. It did then overshot to its 21D and bounced back up to close at 525.76 ;-)
META - gorgeous short post earnings that OPENED below its 200D. I said I expected it would get defended at 662.67 - where puts would monetize. It did just that and closed at 666.47. Looking for a bounce then trounce now that Meta has erased all gains since MAY.
GOOGL - another premarket short at highs where I said I fully expected it to fall into 285, have a wee bounce, then fade below on way to 275.34 in coming days. It fell nearly $10 from where it opened, so I would say: that worked!
Continuation Swing Shorts of Note:
ORCL - is on its way to the target I gave a month ago after it last reported earnings! My short trigger Sept 10th was 339.69 with 243.49 in time. Oracle closed at 256 today. We are so close!
BTU - trigger long was 20.50 then I warned at 127.5 Fib level it was way overbought at 36 with reversion-to-mean in view back down to its 10W at 26. We are there.
CMG, CAVA, WING - not surprised they gave up the ghost today on CMG missing, gapping down 20% and breaking its 400W support! These have been in protracted downtrends as warned early & often as money rotated to AI/DataCenters & anything affected by US GOVERNMENT AS VENTURE CAPITALIST.
Not on my Swing Short List!
BA - yeah, that’s not good. Broke my critical 214 monthly support and crashed into $200 at its 200D. It’s broken and not safe unless/until it can get back up to clear 215 again.
CI - what the… the report was not bad but the the percentage of premiums spent on medical care and costs tied to stop-loss insurance were.
CLF - yeah, this needs to get defended here at 12.26 on wkly close and digest next few weeks sideways or sellers are once again in control of this US steel play that needed the US Steel merger badly.